Master Data Management Market Size, Share, Growth Report 2030

The global master data management market was valued at USD 14.78 billion in 2021, with a CAGR of 15.8% predicted throughout the forecast period. Master data management provides a consistent and standardised set of data about products, customers, and suppliers from various IT systems. Master data management helps to improve data quality by ensuring that information pieces are consistent and correct among users.

Master data management allows for the central management of entity information. It enables diverse companies to combine information gathered from numerous sources, such as core product data, attributes, price, and specifications. This also controls omnichannel data and the analytics associated with it.

The worldwide e-commerce business is expanding at a rapid pace, owing to increased consumer demand for items, more internet access, and increased smartphone usage. Every year, global online sales increase by over 18%. E-commerce is increasing at a rate of more than 25% in nations such as India, Mexico, the Philippines, and China. During the projection period, the rapid growth of the e-commerce industry will fuel demand for master information handling systems.

The COVID-19 epidemic is expected to present attractive prospects for key companies in the global master data management industry. The increased demand for educated decision-making, product data analysis to build future business plans, and rising expenditure has resulted in greater revenue generating.

Furthermore, demand for master information handling is likely to rise at a large rate as retail demand rises due to rising e-commerce penetration around the world, creating potential for participants in this market.

Growth Drivers in the Industry

Enterprises across a variety of industries, including healthcare, retail, and BFSI, are investing in and deploying new technologies such as AI and ML to expand and gain a competitive advantage. This business is growing due to increased digitization and a larger demand for efficient master data management technologies.

Technological improvements allow industry participants to introduce new and creative products and solutions. AI-enabled solutions also improve customer experience and fulfilment, resulting in greater revenue and profits.

Similarly, ML-enabled solutions assist enterprises in managing the digital transformation and improving operational proficiency by sensing any upcoming challenges connected to information quality and giving appropriate solutions. IBM Corporation and Akenoe, for example, provide ML-enabled solutions.

During the forecast period, the services segment is expected to be profitable.

During the projected period, the market for services is expected to rise rapidly. End consumers are increasingly interested in services since they assure the smooth operation of platforms, software, and solutions. Furthermore, there is a growing demand for cloud-based master data management services.

Furthermore, training and consulting services are expected to develop significantly in the near future. Training and consulting services are critical in instilling proper knowledge of the solution's operation in employees.

During the projection period, the cloud segment is expected to have the greatest CAGR.

Among these, cloud computing is predicted to increase significantly during the projection period. The rise in cloud usage, combined with a spike in cloud computing adoption across several industrial verticals, is a prominent driver projected to fuel market expansion. This is due to master data management's ability to deploy computing resources in single or multiple regions while meeting high availability needs.

The highest market share was held by large firms.

Large organisations have made considerable investments in information management, allowing them to integrate sophisticated technology into their infrastructure and boost overall productivity and efficiency. As a result, large organisations are increasingly implementing master information management. Furthermore, huge organisations use proprietary information management to handle massive amounts of data, which contributes to the industry's growth.

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The BFSI end-use industry held the greatest market share.

During the forecast period, the BFSI industry is expected to account for the greatest share. Retail, private, corporate, and investment banking service providers, NBFCs (non-banking financial firms), mutual funds, pension funds, insurance service providers, and other smaller financial entities are all part of the BFSI industry vertical.

MDM is becoming more popular in the BFSI market since it delivers numerous benefits to end users, such as collecting and unifying information from multiple different files into a single source, identifying and correcting conflicting master information, and so on.

With digitization and net banking, the BFSI business is seeing enormous technology adoption and a constant shift in consumer preferences. The industry is always evolving as a result of the advent of automation in current business models, and as a result, the adoption of MDM has increased over time.

By 2030, the North American region will lead the worldwide master data management market.

The market is likely to be dominated by the North American area. This region's retail industry is large and competitive. The rise of the master data management market in this region is likely to be driven by an increase in the implementation of MDM in eCommerce. In most industries, modern technologies are widely used in North America.

Furthermore, the region is home to key firms that provide Global master data management. Vendors in this market have developed novel master information management software to meet the growing need for advanced master data management services across a variety of industries, including retail, manufacturing, logistics, and others.

Competitive Analysis

Amazon Web Services, Inc., Ataccama Corporation, Contentserv Technologies Private Limited, Cloudera Inc., Hewlett Packard Enterprise Company, IBM Corporation, Informatica, Micro Focus, Mindtree Limited, Oracle Corporation, Profisee Group, SAP SE, SAS Institute, Stibo Systems, and TIBCO Software are some of the major players in the global market.

These worldwide market leaders are investing in technical developments in order to provide better solutions in the industry. These corporations are also purchasing other companies in order to strengthen their market position. To meet rising customer demand, several small and medium-sized firms have entered the industry.

Recent Happenings

Oracle Corporation teamed with KPIT, a global service provider in digital solutions, in January 2021 to give a better product information management solution to its customers.

IBM Corporation launched the latest edition of their product information management solution, IBM invention master V12.0, in May 2020, which will assist users in understanding information.